Cloud cost optimization is crucial to avoid overspending due to overprovisioning and cost spikes in the current economic climate. Cloud cost optimization tools can help detect idle resources, predict future costs, offer recommendations, and perform automatic corrective measures. The top four cloud cost optimization tools are CloudHealth, Apptio Cloudability, AWS CloudWatch, and Azure Cost Management + Billing. These tools vary in their features, pros, and cons, but all aim to manage and optimize cloud spend across various platforms.